Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0904%/8h= −98.9% APRpaid last 24h −0.083%

Price spread now: OKX against Hyperliquid−0.203%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 7 days+0.191%+$19 · spread now −0.203%, 7d avg −0.081%

Together, before fees+0.010%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and OKX is 0.122% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.081%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.181% in total (about -9.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kBONK	0.000003448	0.1004	pay 0.0125% / 1h	2m 29s	$10.2M	$6.4M	10x
Short	OKX BONK-USDT-SWAP	0.000003441	0.0100	get 0.0100% / 8h	6h 02m	$2.5M	$8.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee OKXbpOrdersPrice spread, now −0.203%Rate

Funding earned: −$189.75
Price spread: −0.203% → −0.081%: −$12.19
Slippage, 4 orders: −$42.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$263.27
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; OKX: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 10 min ago	2.90 bp	12.1 bp −$12	22.3 bp −$223	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	2.91 bp	16.6 bp −$17	64.4 bp −$644	doesn't fit	doesn't fit

BONK on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International 1000BONK-PERP-INTX	−0.0336%	1h	0.000003427	−0.609%	$44K	$27K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003436	−0.339%	$13K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003435	−0.377%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003432	−0.458%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDC	+0.0023%	4h	0.000003436	−0.348%	$29K	$58K	20x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.046%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003441	−0.205%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003439	−0.261%	$224K	$678K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003441	−0.189%	$27K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003438	−0.301%	$81K	$269K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003438	−0.290%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003444	−0.124%	$16.1M	$57.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003443	−0.154%	$11.0M	$17.8M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003441	−0.203%	$2.5M	$8.4M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003437	−0.319%	$876K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003437	−0.319%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003435	−0.368%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003436	−0.348%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003436	−0.348%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003430	−0.525%	$313K	$134K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003432	−0.464%	$58K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003436	−0.348%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003436	−0.348%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003442	−0.174%	$97K	$149K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003437	−0.329%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003434	−0.406%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.993%	$574	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0332%	1h	0.000003439	−0.261%	$30K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.1004%	1h	0.000003448	long leg	$10.2M	$6.4M	10x
Kraken Futures PF_BONKUSD	+0.2045%	1h	0.000003446	−0.064%	$222K	$173K	50x	as long as short